(Reuters) – Chinese developer Modern Land China (China) announced Monday that a default in a bond payment last week had pushed forward the repayment dates for a further $221 million of notes. The company also withdrew an interim dividend, to keep cash.

This development highlights China Evergrande Group’s impact on high-yield sectors as sales slow down and liquidity dry up.

Modern Land reported last week that they had not paid principal and interest on their 12.85% senior notes, which still have $250 million principal.

Conditions were created by the nonpayment to allow other financing options, such as 9.8% senior notes due 2023 valued at $321 million and 9.8% green senior notes payable 2023 value of $221 million to become immediately payable. According to the company, no action has been taken by bondholders.

The company stated that it had received notices from an overseas creditor requesting early repayment of $23.6million. It was also in discussions for a waiver, to avoid further enforcement and avoid any future payments.

Due to unexpected liquidity issues, the developer withdrew its August recommendation for an interim dividend at HK4.81 Cents per share. The company was also currently reviewing other obligations.